Spain Housing


Home prices continue in free fall

Home prices continue to decline, as the housing market remains depressed. In the second quarter, the general index of housing prices produced by the Ministry of Public Works dropped 7.8% year-on-year to EUR 1,485. The print was broadly unchanged from the 7.9% fall seen in the first quarter. The price per square meter fell to EUR 1,482 in Q2 (Q1: EUR 1,519), which is 29.5% below the peak of EUR 2,101 per square meter recorded in Q1 2008. The housing market should continue to adjust as the deepening recession and widespread unemployment continue to erode consumption and investment capacity.

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Spain Housing Chart

Spain Housing May 2013

Note: Monthly construction permits and three-month sum in thousands.
Source: Ministry of Public Works and Spanish Board of Architects.

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